Decline on Wall Street – E24

Decline on Wall Street – E24

Wednesday on the New York Stock Exchange started lower and saw almost no movement throughout the day. Beyond Burger, Bumble, and eBay are some of the standout companies.

Published:

The topic is updated throughout the trading day…

This is how the most trend-setting indicators on Wall Street look at the open, at 19.30 Norwegian time:

  • The Dow Jones fell 0.16%.
  • The Nasdaq index fell by 0.39%.
  • The Standard & Poor's 500 index fell 0.09%.

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Waiting for the inflation report

On Monday and Tuesday, there was little movement on the New York Stock Exchange. The same can be written about Wednesday.

On Thursday, new inflation figures will arrive from the US. The central bank's preferred measure of price growth, the personal consumption expenditures index, will then be presented.

According to Bloomberg, Wall Street traders are eagerly awaiting this and are therefore waiting and watching on Wednesday.

Last week, members of the Federal Reserve's interest rate committee indicated they were in no rush to cut interest rates.

A vegan company is on the rise

Despite a quiet Wednesday, there are a group of stocks that stand out.

Shares of plant-based company Beyond Meat, which makes meat-free burgers, fell more than 40 percent after reporting fourth-quarter numbers.

Beyond Meat's revenue was $73.7 million, higher than analysts had previously expected.

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Beyond Meat has produced one of the first plant-based burgers, which looks, cooks and tastes like a regular burger.

Beyond Meat announced in a press release that it will cut costs “sharply” this year.

For dating app Bumble, it went the other way. The stock price fell more than 13 percent after fourth-quarter results disappointed investors. The company reported an unexpected loss of 19 cents per share. Bumble also announced that it will lay off 350 employees.

Online marketplace eBay reported an earnings increase of 2 cents per share. The company will also buy back its own shares for another $2 billion. This contributed to eBay's share rising by more than 7 percent.

Crypto stocks rise

On Tuesday, the price of Bitcoin fell by almost 10 percent due to investor demand.

This brought things to a boil in the US cryptocurrency market. On Tuesday evening, the price of Bitcoin reached nearly $57,000.

On Wednesday, it reached $60,000. This is the first time since November 2021 CNBC.

“It's absolutely crazy,” Kim Ryan, head of derivatives at cryptocurrency broker Falcon

According to the news outlet, the upcoming decrease in the supply of Bitcoin, also known as the halving, is contributing to the cryptocurrency market rally.

Since the new year, the price of Bitcoin has risen by more than 42 percent. The top price as of November 2021 is close to $69,000, according to CNBC and Bloomberg.

Investors expect the price of Bitcoin to set a new record this year, after the US Financial Regulatory Commission (SEC) earlier this year approved trading in a number of Bitcoin products.

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Rumors of plans being cancelled

On Tuesday evening, Bloomberg News reported the news from the internal network of the technology company Apple.

According to anonymous Bloomberg sources, Apple has announced internally that it is abandoning its investment in the electric car industry.

Bloomberg also wrote that many of the 2,000 employees who worked on the project will be transferred to other parts of the company.

Apple has been working on the project since 2014, but the project has faced many problems along the way.

Apple did not want to respond to Bloomberg's inquiries.

The stock rose 1.2 percent after the news agency published its case, then fell slightly again. At the close, the stock rose 0.8 percent on the day.

On Wednesday, when the stock market opened, the stock fell 0.24 percent.

Hanisi Anenih

Hanisi Anenih

"Web specialist. Lifelong zombie maven. Coffee ninja. Hipster-friendly analyst."

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